In 2014 Hungary introduced the advertisement tax as a direct business tax that must be paid by media content and service providers and publishers of advertisements. The tax base was the net sales revenue originating from the taxable activities in the tax year, i.e. the turnover and not the profit, and a progressive tax rate was established originally with six tax rates between 0% and 40%. The Advertisement Tax Act also provided that taxable persons whose pre-tax profits for the 2013 financial year were zero or negative, could deduct from their 2014 taxable amount 50% of the losses carried forward from the earlier financial years (“mechanism for partial deductibility of losses carried forward”).
Noerr has advised facility services provider ISS on the divestment of its main subsidiaries in the Czech Republic, Slovakia, Romania, and Hungary to Hungarian facility management company B+N Referencia Zrt. Havel & Partners advised B+N Referencia on the transaction, which remains contingent on regulatory approval.
Akin Gump, Bogdanovic, Dolicki & Partneri, Maric & Co, Isailovic & Partners, Harrisons, Zdolsek Attorneys at Law, Boga & Associates, Popovski & Partners, and Forgo Damjanovic & Partners have advised Croatian conglomerate Fortenova Grupa d.d., on the EUR 615 million sale of its frozen food business to Nomad Foods. Norton Rose Fulbright, Lakatos, Koves & Partners, and five firms from the SEE Legal alliance advised Nomad Foods on the deal, which is expected to close in the third quarter of 2021.
For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Tax experts: What are the most important changes to the Tax laws in your country since January 2020 and what has their impact been?
On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.
“The third wave of the pandemic, and unfortunately the most severe, has dominated the developments of the past month in Hungary,” says SBGK Partner Peter Lukacsi. He says that severe restrictions have been imposed in the country to combat the uptick in the numbers of newly infected people, including the closings of lower grade schools and kindergartens. “Courts have been closed as well,” he says, “and no personal hearings have been held in both civil and commercial matters since March 8.”
For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Data Protection experts: Overall, how compliant would you say economic agents are with relevant local regulations on data protection, and what are the main gaps that have yet to be addressed?
According to a Government Decree passed on 9 February 2021, lessees do not have to pay rent for a property owned by the Hungarian State or the local municipality (or by companies which are controlled by these) for the specified five-month period (February - June 2021). The decree specifies a list of 25 types of activities which are to be alleviated from paying rent, which includes:
Kinstellar has helped the Business Lease Group B.V. and its CEE subsidiaries obtain a EUR 242 million refinancing loan in the Czech Republic, Hungary, Romania, and Slovakia from a syndicate of ABN Amro Bank N.V., ING Bank N.V., and Cooperatieve Rabobank U.A. Clifford Chance reportedly advised the lenders.